Brent: review and forecast

Yesterday, the price of Brent crude oil fell when the American Petroleum Institute published its weekly estimate of US crude oil inventories. Last week, crude oil stocks increased by 2.9 million barrels while analysts expected a decline by 2.5 billion barrels.

Support and resistance

Bollinger Bands indicator on the 4-hour chart is directed down so the price is likely to continue declining. Though MACD histogram is in the positive zone, its volumes are falling.